Chevron and Massachusetts Institute of Technology (MIT) have launched a five-year global energy research program to develop remote, ultra deepwater exploration and production technology.
The $5-million program will focus on developing the technologies required to access hydrocarbons in water depths up to and greater than 3,000 m (9,842 ft). "The need for affordable, sustainable energy is one of the greatest challenges of the 21st century," says Ernest Moniz, director of the MIT Energy Initiative. "Conventional oil and gas supplies will play a critical role in meeting global energy demand for at least the next several decades, and advanced technologies are essential for producing these essential resources in environmentally sensitive ways."
"Developing remote, ultra deepwater reserves is one of the greatest challenges the industry faces as we seek to meet the world's growing demand for energy," says Don Paul, VP and CTO of Chevron Corp.
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